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Credit Markets, Credibility, and Economic Transformation

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  • Guillermo A. Calvo
  • Jacob A. Frenkel

Abstract

This paper focuses on the special role that capital markets play in the transformation of centrally planned economies into well-functioning market economies. We demonstrate that underdeveloped credit markets inhibit the effectiveness of price reform, monetary and credit policies, and trade liberalization. We explore various ways to overcome the difficulties associated with the underdeveloped credit markets. In this regard, we examine the implications of "cleaning" the balance sheets of enterprises and banks from nonperforming loans, as well as ways to enhance credibility. The paper concludes with a brief discussion of sequencing of economic reform measures.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.5.4.139
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 5 (1991)
Issue (Month): 4 (Fall)
Pages: 139-148

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Handle: RePEc:aea:jecper:v:5:y:1991:i:4:p:139-48

Note: DOI: 10.1257/jep.5.4.139
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  1. Guillermo A. Calvo & Jacob A. Frenkel, 1991. "From Centrally-Planned to Market Economies: The Road from CPE to PCPE," NBER Working Papers 3698, National Bureau of Economic Research, Inc.
  2. Jacob A. Frenkel & Guillermo Calvo, 1991. "From Centrally-Planned to Market Economies," IMF Working Papers 91/17, International Monetary Fund.
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Cited by:
  1. Cesar Martinelli, 2001. "Essays on Political Economy of Political Reform," Levine's Working Paper Archive 625018000000000135, David K. Levine.
  2. Nauro F. Campos & Abrizio Coricelli, 2002. "Growth in Transition: What We Know, What We Don't, and What We Should," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 793-836, September.
  3. Son Ku Kim & Keunkwan Ryu, 2001. "Joint Determination of Internal Organizational Design: Decision-Making, Task Allocation, and Incentive Scheme," ISER Discussion Paper 0550, Institute of Social and Economic Research, Osaka University.
  4. Buch, Claudia M., 1993. "An institutional approach to banking reform in Eastern Europe," Kiel Working Papers 560, Kiel Institute for the World Economy.
  5. Scheepens, J.P.J.F., 1994. "Financial intermediations, bank failure and official assistance," Discussion Paper 1994-97, Tilburg University, Center for Economic Research.

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